Bank of Maldives (BML) has announced that customers will soon be able to open Indian Rupee (INR) accounts, a first in the Maldivian banking sector.

The service is expected to facilitate trade, remittances, and investment flows between the Maldives and India, particularly for businesses and expatriates.

According to BML, customers will be able to open INR accounts online via Internet or Mobile Banking starting 1 August 2025. Deposits will be accepted in denominations of INR 500 and above at BML branches. The accounts will support both inward remittances from India and outward transfers, providing greater convenience for cross-border transactions.

This development follows the Maldives Monetary Authority’s (MMA) agreement with NPCI International Payments Limited (NIPL) to integrate the Maldives’ national instant payment system, Favara, with India’s Unified Payments Interface (UPI).

In line with these developments, BML is also working with the National Payments Corporation of India (NPCI) to expand card services linked to INR accounts. The Bank stated that it is in the process of enabling acceptance of domestic RuPay cards in the Maldives, and plans to issue RuPay cards to its INR account holders. This is expected to be completed by the end of the year, allowing account holders to carry out cross-border transactions directly in INR.

The INR accounts and planned RuPay card services build on previous steps taken by the Bank, including the acceptance of RuPay International cards in the Maldives from October 2024.